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Bank implements revised RBI regulations

MANGALORE: Karnataka Bank Ltd, has introduced the revised guidelines of Reserve Bank of India on Kisan Credit Card (KCC) scheme. This will help large section of farmers across India. As per the scheme which is effective from November 15, farmers can avail working capital loan in the form of overdraft for raising various crops and maintaining their farm equipments and also term loan for meeting their investment credit requirements.

The period of KCC is for five years and farmers have the option to renew the overdraft every year with 10% increase in the limit. The overdraft facility is useful to farmers as it is an operative account and they can credit the sale proceeds of various crops to the account and utilize it when required.

The bank has also planned to introduce ATM card enabled transactions to the farmers under the scheme.